Trueform products, inc., produces a broad line of sports equipment and uses a standard cost system for control purposes. last year the company produced 8,000 varsity footballs. the standard costs associated with this football, along with the actual costs incurred last year, are given below (per football): standard cost actual cost direct materials: standard: 3.7 feet at $5.00 per foot $ 18.50 actual: 4.0 feet at $4.80 per foot $ 19.20 direct labor: standard: 0.9 hours at $7.50 per hour 6.75 actual: 0.8 hours at $8.00 per hour 6.40 variable manufacturing overhead: standard: 0.9 hours at $2.50 per hour 2.25 actual: 0.8 hours at $2.75 per hour 2.20 total cost per football $ 27.50 $ 27.80

You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?

He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.